Torrance Chapter 7 Attorney
Serving the South Bay for Nearly 20 Years
Are you drowning in debt, struggling to make minimum payments, or already in default and facing credit collection actions? Chapter 7 bankruptcy offers you a chance to achieve debt relief. At the Law Offices of James C. Shields, we are adept at handling all aspects of Chapter 7 bankruptcy and guide our clients through the process. We will put our skill and experience in bankruptcy law to help you get a fresh financial start.
How to Qualify for Chapter 7
To qualify for Chapter 7, you must:
- Pass the means test.
- Complete a credit counseling course that is approved by the U.S. Bankruptcy Trustee within 180 days before your filing.
- Not have had debt discharged from a prior bankruptcy.
- Not have a prior bankruptcy case that was dismissed 180 days ago.
- You have not defrauded creditors.
Chapter 7 Bankruptcy: The Basics
We help people who are overwhelmed with debt. Chapter 7 is also known as liquidation bankruptcy because it liquidates your assets and uses the proceeds to pay back your debts. Remember though, most people who file do not have significant assets to begin with, so there is usually little to lose.
Debts that Chapter 7 bankruptcy will discharge include:
- Credit card debt
- Medical debt
- Many judgments against you
- Personal unsecured loans
Filing for Chapter 7 bankruptcy will immediately protect you from:
Our experienced chapter 7 attorneys in Torrance will guide you through all aspects of filing: preparing all necessary documents and making the appropriate motions to the bankruptcy court. Before filing, we will help you explore your debt relief options to determine if, perhaps, Chapter 13 bankruptcy is a better option for you. No two cases are alike. We will tailor our legal approach to your unique situation.
How Often Can You File Chapter 7 Bankruptcy?
In California, you must wait eight years before you can file for Chapter 7 bankruptcy again. The eight year waiting period starts from the original filing date. You can technically file for Chapter 7 bankruptcy before the eight year waiting period is up, however a second discharge won’t be accepted. If you filed for Chapter 7 bankruptcy and are planning on filing for Chapter 13, you will have to wait four years to file for your second bankruptcy.
Benefits of Chapter 7
Debt Relief: Chapter 7 bankruptcy discharges certain types of debts, such as credit card debts, medical bills, and personal loans. This means that you no longer have the legal obligation to repay those debts.
Fresh Start: Chapter 7 bankruptcy provides a fresh start for individuals or businesses struggling with overwhelming debt. It can eliminate the stress and anxiety associated with unmanageable debt and provide a clean slate for financial recovery.
Creditor Protection: Filing for Chapter 7 bankruptcy initiates an automatic stay that prevents creditors from trying to collect your debts. This includes stopping harassing phone calls, letters, or lawsuits.
Quick Process: Unlike some other types of bankruptcy, Chapter 7 bankruptcy is a relatively quick process, often taking only a few months to complete.
Asset Protection: Individuals filing for Chapter 7 bankruptcy may be able to keep certain assets, such as their primary residence, a car, and personal property, through the use of exemptions.
Reduced Stress: Filing for Chapter 7 bankruptcy can relieve the stress and pressure of overwhelming debt, allowing individuals or businesses to focus on rebuilding their financial stability and planning for the future.
Schedule Your Free Bankruptcy Consultation Today!
If you have questions about filing for Chapter 7, our Torrance bankruptcy lawyers are standing by to help. Contact the Law Offices of James C. Shields today by calling (310) 626-4404. You can also fill out our free initial online consultation form to discuss the details of your case. Our attorneys are also available to meet on Saturdays or before or after regular business hours by appointment.
In-Office, Phone, and Video Consultations Available
$995 Flat-Fee Bankruptcy (restrictions apply)
We Can Help You Find Financial Freedom
We Diligently Represent Your Interests
Over 50 Years of Collective Experience